KUALA LUMPUR, Jan. 18 (Xinhua) -- Malaysia's economy is expected to grow 4.8 percent in the fourth quarter of 2024, following a stronger 5.3 percent growth in the previous quarter, the Department of Statistics Malaysia (DOSM) said.

Overall, Malaysia's economy is seen to grow 5.1 percent in 2024 after posting a growth of 3.6 percent in 2023, it said in a statement on Friday.

"Malaysia's economic growth is supported by strong domestic demand and a recovering external sector, alongside strategic investments in areas like renewable energy and digital infrastructure, including data center's," the DOSM said.

According to the DOSM, these efforts have attracted foreign investments and contributed to economic stability.

Additionally, the recent increases in tourist arrivals and civil servant pay are expected to further boost household spending and retail activity, contributing positively to overall economic momentum.

According to the DOSM, the fourth quarter's economic expansion is expected to be propelled by the services sector, which grew by 5.3 percent. For the full year, the sector is projected to grow 5.3 percent in 2024. ■